When it comes to minimizing our tax liabilities, exploring various deductions and exemptions provided by the Income Tax Act is essential. One such provision that can benefit individuals who do not receive or who are not eligible for house rent allowances is Section 80GG. This section allows taxpayers to claim a deduction from the income [...]
The Finance Bill 2022 has inserted a new section, Section 139(8A) in Income Tax Act. This new section provides for facilitating filing of ‘Updated Return’ by the taxpayers. This section has effect from 1st April 2022.
For any foreign remittance, taxpayers are required to upload the Form 15CA along with the Certificate from a Chartered Accountant in Form 15CB on the income tax portal before submitting the copy to the authorized dealer.